Debt Relief With a Debt Settlement Lawyer, Can it Help to Avoid Being Taken For a Ride?

The obvious question on everyone’s mind now a days is the validity of debt settlement and is it just a money making scam that takes people for a ride. Today’s failing economy has been the catalyst to an age old industry of debt resolutions.
Since there was un-secure debt, there have been lenders willing to take less as a payback to settle out an account that is not in good standing. Think of it this way, if someone owed you $100 and you have not been able to get a penny from them, and the probability of ever getting anything from them is bleak. Then one day they come to you and tell you that although they can never pay back the $100 they owe you, they are willing and able to give you $50 right now to call it even. In most cases people would be inclined to take the $50 and cut their losses.
This same idea hold true for large lending companies. After a person has been in collections for a extended period of time with no payments made on the account, lenders are required to take that active debt off their books. This is called charge off and at this point most creditors are willing to “cut their losses” and take less then what is owed to them and “call it even”.
Now that being said, the process is not an easy one to do and attempting to negotiate on your own can prove to not only be costly but also time consuming and frustrating. A lender knows that you have a vested interest in the debt because it is yours, and will do everything in their power to get as much back from you as possible. In many cases the things an individual can say to a creditor can not only jeopardize negotiations, but also trigger law suits.
This is where a debt settlement company comes into play. These companies specialize themselves in dealing with the creditors and speaking to them on your behalf to attempt to negotiate your debt for a reduced amount. Often times these companies have been in business for some times and have built long lasting relationships with the creditors. They are also skilled in the art of negotiations and will know exactly how to approach each creditor in regards to your debt. Since they are not the originators of the debt they do not have a personal connection to it and can look at the situation in a non biased way when talking to the creditors.
Here is where things get a little grey. Because of the boom in debt relief companies, unfortunately there are companies that will try to monopolize on people in need and take advantage of them. It is unfortunate but true. Choosing the right company how much does a government lawyer make to assist you with a debt relief program can be difficult at best. How can a person know if they are dealing with a reputable company that truly not only the knowledge and skills to negotiate your debt, but also has your best interests in mind.
Since the debt settlement industry is unregulated there is no government agency ensuring that these companies are operating above board and not scamming their clients. I am sure that with a simple search on the internet you can find hundreds or thousands of horror stories of people being scammed by companies, or simply made a poor decision and hired a company that simply did not know the best way to negotiate your debts.
So how do you ensure that you are not making the wrong decision and are truly going with a debt settlement company that has a proven track record and can handle your debt in a way that is beneficial to you? Well the best way would be to retain the services of a debt settlement law firm. These layers specialize in dealing with consumer and often time’s business debt and can review all of your options with you to help determine which exactly would be in your best interest.
Debt settlement attorneys Might tell you they are able to to a superior job as compared to a debt settlement company but these claims are un-founded. In fact most debt settlement law firms charge a retainer and legal fees upfront which violates current guidelines. Also you do not need to have a license to practice law to negotiate your debt or have a company working on your behalf.
There are no real benefits to dealing with a debt settlement law firm versus a debt settlement company. According to several law suits currently filed against debt settlement attorneys, debt settlement done by an attorney is no different that that done by a debt settlement company.
My suggestion would be to speak to someone and have them go over all the debt consolidation programs available to you and see which one would best suite your needs. Most settlement companies will offer this consultation at no charge to you and with no obligation.
If you would like to get more details about debt settlement and which one of the debt consolidation programs can help you criminal legal aid in dealing with your debt then click one of the links in this article and see if legal debt help could truly benefit you.

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